Virtual accounts are a set of off-balance accounts, originally designed in late 80’s to simplify the reconciliation of payables and receivables. In more recent years, the demand from corporate businesses looking to address operational inefficiencies and gain greater transparency on their real-time cash position has grown exponentially, and as a result, so has Virtual Account Management.
Thanks to advances in technology, Virtual Account Management (VAM) is also starting to enable new business models in the B2B2C sector including, centralized digital wallets, digital marketplaces and virtual savings pots.
As part of a wider client engagement, SAP Fioneer (emerging from SAP) committed to design and develop an entirely new Virtual Account solution, which was previously missing from their offering. To address this propositional gap, SAP Fioneer Innovative Business Solutions enlisted bancon as the build and implementation partner to lead the discovery, design, development and delivery of the now standard solution.
The SAP Fioneer Virtual Account Management solution provides financial institutions with a complete ‘out of the box’ platform that delivers unparalleled self-serve capability whilst connecting seamlessly across core legacy digital channels. This innovative solution caters for all IT Landscapes by utilizing SAP Fioneer Banking Services or SAP Transactional Banking for S/4HANA, deployed on premise, or in the cloud.
The strength of having us implement this new innovative solution lies in the deep expertise of our people who have spent their careers mastering SAP Banking. Many of our consultants have co-delivered the foundational SAP VAM product so whether you're considering upgrading an existing Virtual Account platform, or looking to introduce this as a new offering, bancon can help.
How can bancon's specialists help your business with SAP Fioneer Virtual Account Management?